GOVERNMENT OF TONGA

MEDIA RELEASE

(15 May, 2017)

“Pacific Properties Limited (PPL) signed the completion of the Vava’u Market purchase by Government of Tonga”

The Hon. Prime Minister, Samuela ‘Akilisi Pohiva on behalf of Government of Tonga signed on Thursday 11th May, 2017 with representatives from Pacific Property Limited (PPL), Mr. John Paul Chapman,  the completion of the Vava’u Market purchase by Government of Tonga from the– current lease holder of the Vava’u Market leases.

The first phase was signed in August 2016 which was just a portion around the Vava’u Market building for the sum of T$1 million plus CT. in which payment to PPL was by form of a tax credit.

The second phase completes the purchase of remaining of that block of land (up to the ANZ building, etc) for the sum of T$1.9m plus CT (PPL will spend T$50,000 out of the $1.9m to renovate the improvements in preparation for the church conferences in June-July). Payments by Government of Tonga to PPL are to be made in a combination of cash payment and tax credits. The total purchase is T$3.335 million with CT inclusive.

Also in the signing ceremony were Ministers for Justice and Prisons, Hon. Sione Vuna Fa’otusia and Minister for Commerce, Consumer, Trade, Innovation & Labour and also Minister for Revenue and Customs, Hon Dr. Pohiva Tu’i’onetoa.

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-ENDS-

 

Issued by the: The Prime Minister’s Office, P.O. Box 62, Nuku’alofa, Tonga. Tel: (676) 24 644     Fax:  (676) 23 888; For media enquiries- Email: pressoffice@pmo.gov.to Website: www.pmo.gov.to  Media Release_15_05_2017_“Pacific Properties Limited (PPL) signed agreement with Government of Tonga to purchase the Vava’u Market”

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